SteelMint’s daily sponge iron, CDRI, index was assessed at INR 32,450/tonne (t) (+ INR 100) exw-Rourkela on 9 November, 2022.
About 2,260 t of transactions were recorded today as against 2,700 t on 8 November.
Although only a few trades were reported today, the index rose slightly on higher offers. Spot trades were low due to lack of buying activity. Buyers opted to hold back their bids because they had booked enough material during the previous few days.
About 500 t of sponge PDRI (FeM 77-78%) trades were recorded today as against 1,800 t yesterday from Odisha. Deals were concluded on DAP Raipur basis.
Rationale –
This index has been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as T1 and given a weightage of 50% whereas other data sets are considered as T2 and given a weightage of the balance 50%.
- Transactions (T1) – Seven trades in the range of INR 32,300-32,500/t were recorded during the 11:30 am to 5:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 32,438/t which is given a 50% weightage in the final price calculation.
- Other Price Indicators – bids/offers/indicative (T2) – Thirteen offers reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 32,500/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 32,469/t, rounded to INR 32,450/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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